Midday movers: Barnes & Noble, Zynga, Affymax

Stocks are lower as worries about Italy's election dent European markets and the US averages follow suit.

By MSN Money Partner Feb 25, 2013 2:02PM
Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Shares of bookseller Barnes & Noble (BKS) jumped 12% after the company’s founder, largest stockholder and Chairman of the Board Leonard Riggio said he plans to propose to purchase all of the assets of the retail business of the company. 

The company publicly acknowledged the plan for an offer, which will exclude its NOOK e-reader business, and said it will set up a committee to evaluate its best course of action.

Among the notable gainers was Zynga (ZNGA), which advanced another 12% after rising about 8% on Friday following Nevada's passage of a bill to legalize online gambling in the state. 

Also higher were shares of Elan (ELN), which rose over 6% to $11.28 near noon after getting an $11 per share takeover offer from Royalty Pharma. 

Among the noteworthy losers was Affymax (AFFY), which plunged 85% after the company initiated a safety recall for its anemia drug Omontys and the stock was downgraded by at least four analyst firms. 

Also lower were shares of Dynavax (DVAX), which fell 30% after the FDA said its investigational adult hepatitis B vaccine cannot be approved without further safety evaluation.
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